Reporters learned from the Ministry of Finance, Ministry of Finance, State Administration of Taxation, the Shanghai Municipal Government on the 28th joint news release, noting that from the business tax reform to levy VAT pilot the first quarter of operation, the reform of the overall smooth operation, the effectiveness is beginning to bear. Next, the Ministry of Finance, State Administration of Taxation will actively and steadily expand the business tax reform to levy VAT scope of the pilot.
Ministry of Finance, State Administration of Taxation, the Shanghai Municipal Government jointly expressed, from the experimental situation, the reform of the overall smooth operation, the effectiveness of previews. The pilot enterprises generally reflect the change levy VAT, due to the further elimination of double taxation, promote the social division of labor, improve the professional level of the enterprise, enhance competitiveness, but also make the tax system more fair and reasonable.
The smooth running of the Shanghai pilot, the pilot program and supporting policies and well-organized, solid and effective collection and management measures, the pilot reform has achieved the desired results. Next, the Ministry of Finance, State Administration of Taxation will continue to follow the pilot operation and timely solutions to problems in the pilot run in the summary of the Shanghai pilot experience and improve the pilot program on the basis of, and actively and steadily expanding the scope of the pilot of the business tax reform levy VAT.
2012年4月29日星期日
Central bank vice governor Yi Gang Indiana University awarded honorary doctorate
April 18, 2012, the People's Bank of China Deputy Governor, the Secretary for the State Administration of Foreign Exchange, Yi Gang, Indiana University (Indiana University) awarded an honorary doctorate. In the ceremony, Yi Gang, the equalizer and the China-US trade in RMB exchange rate to the theme of a keynote speech.
Yi Gang, had previously taught at Indiana University in the United States for many years, Indiana University's granted him an honorary doctorate recognizes made extraordinary contributions to the University of Sino-US educational exchanges as well as its outstanding achievements in the field of the present work.
Indiana University President Michael McRobbie to bring relevant school leaders and board members, Yi Gang, and then has taught in the Department of Economics teachers and students, as well as local political, business leaders attended the ceremony and related activities, the whole event in the friendly atmosphere of the old friends get together . Yi Gang said the first batch of the United States as the reform and opening up one of the students activities, and Indiana University, and friends there for up to 26 years of friendship, he witnessed the Sino-US educational exchanges and friendship of the two people developments.
Welcome luncheon held by the Indiana University Yi Gang, vice governor Yi Gang, China and the U.S. university education and cultural exchanges, the theme of a speech, saying through the exchange of students, etc., University of Sino-US Higher Education The exchange is an important link to strengthen mutual trust.
Indiana University President Michael McRobbie presided honorary humanities doctorate Yi Gang (Honorary Degree of Doctor of Humane Letters,) the ceremony, his speech, he spoke highly of Yi Gang made extraordinary contributions to the Sino-US University exchange as well as its outstanding achievements in the existing areas of work.
Yi Gang, while the RMB exchange rate towards equilibrium and the Sino-US trade as the theme of a keynote speech. He said that since the exchange rate reform in 2005, Chinese trade goods cost a significant increase in non-tradable goods, including real estate and the stock market, also reflects the yuan does not exist significant underestimation of the RMB exchange rate is gradually close to the equilibrium level. In his view, the crux of the U.S. trade deficit first is that the processing trade, China has been in the trade deficit from 2010 if this part is deducted. Second, the U.S. high-tech export restrictions to suppress China's import demand. Therefore, as long as the United States to relax export restrictions on high-tech, the U.S. trade deficit situation will be greatly improved
Yi Gang, had previously taught at Indiana University in the United States for many years, Indiana University's granted him an honorary doctorate recognizes made extraordinary contributions to the University of Sino-US educational exchanges as well as its outstanding achievements in the field of the present work.
Indiana University President Michael McRobbie to bring relevant school leaders and board members, Yi Gang, and then has taught in the Department of Economics teachers and students, as well as local political, business leaders attended the ceremony and related activities, the whole event in the friendly atmosphere of the old friends get together . Yi Gang said the first batch of the United States as the reform and opening up one of the students activities, and Indiana University, and friends there for up to 26 years of friendship, he witnessed the Sino-US educational exchanges and friendship of the two people developments.
Welcome luncheon held by the Indiana University Yi Gang, vice governor Yi Gang, China and the U.S. university education and cultural exchanges, the theme of a speech, saying through the exchange of students, etc., University of Sino-US Higher Education The exchange is an important link to strengthen mutual trust.
Indiana University President Michael McRobbie presided honorary humanities doctorate Yi Gang (Honorary Degree of Doctor of Humane Letters,) the ceremony, his speech, he spoke highly of Yi Gang made extraordinary contributions to the Sino-US University exchange as well as its outstanding achievements in the existing areas of work.
Yi Gang, while the RMB exchange rate towards equilibrium and the Sino-US trade as the theme of a keynote speech. He said that since the exchange rate reform in 2005, Chinese trade goods cost a significant increase in non-tradable goods, including real estate and the stock market, also reflects the yuan does not exist significant underestimation of the RMB exchange rate is gradually close to the equilibrium level. In his view, the crux of the U.S. trade deficit first is that the processing trade, China has been in the trade deficit from 2010 if this part is deducted. Second, the U.S. high-tech export restrictions to suppress China's import demand. Therefore, as long as the United States to relax export restrictions on high-tech, the U.S. trade deficit situation will be greatly improved
International finance a week in review: EU deficit proportion dropped to 4.1%
Xinhua Beijing, April 29 Power International Finance week Highlights (April 22-April 28)
April 22
IMF and World Bank 2012 spring meeting in Washington closed. Meeting to make decisive progress in expanding the scale of IMF funds, the organization member states the amount of the capital increase commitment to a total of over 430 billion U.S. dollars of loanable funds has almost doubled.
April 23
Eurostat published figures showing that the proportion of 2011 the euro area's fiscal deficit gross domestic Product (GDP) dropped to 4.1 percent from 6.2 percent in the previous year.
Sino-German Business Summit, held at the Hannover Exhibition Center. Chinese Premier Wen Jiabao and German Chancellor Angela Merkel attended the summit opening ceremony and delivered a speech, about 400 Chinese and German political and business representatives attended the Summit to share and discuss.
The Dutch government confirmed that Prime Minister the Mark Lvte has the Queen to submit the resignation of the Cabinet means the collapse of the ruling a year and a half of the current government. In order to meet the requirements of the EU member states budget deficit to gross domestic product ratio to be reduced to less than 3% ceiling, the Dutch government and all political parties of up to seven weeks of deficit reduction negotiations, and ultimately failed to reach agreement.
International credit rating agencies Standard & Poor's, Argentina's sovereign credit rating outlook from "stable" to "negative" because the Standard & Poor's believes that the measures taken to restrict imports from the Argentine government and major oil companies forced nationalization measures to increase macroeconomic risks .
April 24
The data released by the U.S. Commerce Department showed U.S. new home sales in March fell 7.1 percent compared to February, the month U.S. new home sales showing the price and quantity of Qi or situation, the U.S. housing market is still in a difficult adjustment.
French left-wing Socialist Party presidential candidate Francois Hollande reiterated its opposition to long-term implementation of the austerity policy, and said that if he is elected President of France, signed by the EU in early March this year, "financial contract" to renegotiate.
April 25
Office for National Statistics announced that, according to preliminary statistics, the United Kingdom in the first quarter GDP shrink by 0.2%. Because the fourth quarter of last year the UK economy had shrunk by 0.3 percent, the introduction of the latest data means that the UK economy into recession.
Standard & Poor's to India's sovereign credit rating outlook from stable down to negative because of the slowdown in investment and economic growth in India, the current account deficit increased, while India's political environment is not conducive to the Government to improve the financial and macroeconomic indicators.
The data released by the U.S. Commerce Department showed that U.S. factory orders for durable goods in the previous month after rising 1.9 percent, the ring the ring in March fell 4.2 percent. However, if the deduction of the volatile transportation equipment, U.S. factory orders for durable goods ring in March fell 1.1 percent.
April 26
Bank of Korea said the first quarter of this year, Korea's actual gross domestic product (GDP), the chain growth of 0.9 percent, an increase of 2.8%, an increase of the minimum value of the highest since the third quarter of 2009.
Standard & Poor's announced that Spain's long-term sovereign credit rating down two from the previous A down to BBB +, outlook negative. Standard & Poor's believes that the risk of rising proportion of gross domestic product (GDP) rose further in view of the Spanish economy shrank by the status quo, the country's budget deficit accounted for.
April 27
Japan's central bank decided that an additional monetary easing measures, the scale of funds for assets acquired 5 trillion yen (U.S. $ 61.6 billion) to 70 trillion yen (U.S. $ 863.7 billion). In addition, as the inter-bank benchmark interest rate, the uncollateralized overnight call rate is maintained at zero to 0.1% of the ultra-loose level.
The U.S. Commerce Department released data for the first time estimate, said the first quarter of this year, U.S. real gross domestic product (GDP) growth of 2.2 percent at an annual rate. This increase was lower than the market had widely predicted 2.5 percent, also less than 3% in the fourth quarter of last year. Private inventory investment and fixed investment of non-residential housing decline was partially offset by the growth of personal consumption and exports, is the main reason for the slowdown in U.S. economic growth in the first quarter of this year.
Standard & Poor's cut Spain's long-term sovereign credit rating, a spokesman for the European Commission in Brussels said the EU believes that the Spanish Government to achieve its 2012 and 2013 to reduce the fiscal deficit target.
(Xinhua)
April 22
IMF and World Bank 2012 spring meeting in Washington closed. Meeting to make decisive progress in expanding the scale of IMF funds, the organization member states the amount of the capital increase commitment to a total of over 430 billion U.S. dollars of loanable funds has almost doubled.
April 23
Eurostat published figures showing that the proportion of 2011 the euro area's fiscal deficit gross domestic Product (GDP) dropped to 4.1 percent from 6.2 percent in the previous year.
Sino-German Business Summit, held at the Hannover Exhibition Center. Chinese Premier Wen Jiabao and German Chancellor Angela Merkel attended the summit opening ceremony and delivered a speech, about 400 Chinese and German political and business representatives attended the Summit to share and discuss.
The Dutch government confirmed that Prime Minister the Mark Lvte has the Queen to submit the resignation of the Cabinet means the collapse of the ruling a year and a half of the current government. In order to meet the requirements of the EU member states budget deficit to gross domestic product ratio to be reduced to less than 3% ceiling, the Dutch government and all political parties of up to seven weeks of deficit reduction negotiations, and ultimately failed to reach agreement.
International credit rating agencies Standard & Poor's, Argentina's sovereign credit rating outlook from "stable" to "negative" because the Standard & Poor's believes that the measures taken to restrict imports from the Argentine government and major oil companies forced nationalization measures to increase macroeconomic risks .
April 24
The data released by the U.S. Commerce Department showed U.S. new home sales in March fell 7.1 percent compared to February, the month U.S. new home sales showing the price and quantity of Qi or situation, the U.S. housing market is still in a difficult adjustment.
French left-wing Socialist Party presidential candidate Francois Hollande reiterated its opposition to long-term implementation of the austerity policy, and said that if he is elected President of France, signed by the EU in early March this year, "financial contract" to renegotiate.
April 25
Office for National Statistics announced that, according to preliminary statistics, the United Kingdom in the first quarter GDP shrink by 0.2%. Because the fourth quarter of last year the UK economy had shrunk by 0.3 percent, the introduction of the latest data means that the UK economy into recession.
Standard & Poor's to India's sovereign credit rating outlook from stable down to negative because of the slowdown in investment and economic growth in India, the current account deficit increased, while India's political environment is not conducive to the Government to improve the financial and macroeconomic indicators.
The data released by the U.S. Commerce Department showed that U.S. factory orders for durable goods in the previous month after rising 1.9 percent, the ring the ring in March fell 4.2 percent. However, if the deduction of the volatile transportation equipment, U.S. factory orders for durable goods ring in March fell 1.1 percent.
April 26
Bank of Korea said the first quarter of this year, Korea's actual gross domestic product (GDP), the chain growth of 0.9 percent, an increase of 2.8%, an increase of the minimum value of the highest since the third quarter of 2009.
Standard & Poor's announced that Spain's long-term sovereign credit rating down two from the previous A down to BBB +, outlook negative. Standard & Poor's believes that the risk of rising proportion of gross domestic product (GDP) rose further in view of the Spanish economy shrank by the status quo, the country's budget deficit accounted for.
April 27
Japan's central bank decided that an additional monetary easing measures, the scale of funds for assets acquired 5 trillion yen (U.S. $ 61.6 billion) to 70 trillion yen (U.S. $ 863.7 billion). In addition, as the inter-bank benchmark interest rate, the uncollateralized overnight call rate is maintained at zero to 0.1% of the ultra-loose level.
The U.S. Commerce Department released data for the first time estimate, said the first quarter of this year, U.S. real gross domestic product (GDP) growth of 2.2 percent at an annual rate. This increase was lower than the market had widely predicted 2.5 percent, also less than 3% in the fourth quarter of last year. Private inventory investment and fixed investment of non-residential housing decline was partially offset by the growth of personal consumption and exports, is the main reason for the slowdown in U.S. economic growth in the first quarter of this year.
Standard & Poor's cut Spain's long-term sovereign credit rating, a spokesman for the European Commission in Brussels said the EU believes that the Spanish Government to achieve its 2012 and 2013 to reduce the fiscal deficit target.
(Xinhua)
2012年4月28日星期六
On March, Chinese bank Valet settlement surplus of $7800000000
Core Tip: In March 2012, Chinese banks on settlement $ 132.7 billion $ 124.8 billion, Sale, exchange settlement and a surplus of $ 7.8 billion. This figure more than $ 4.4 billion in February, banks on foreign exchange settlement favorable balance increased significantly, but still less than half of the $ 19.4 billion favorable balance in January.
Xinhua 08 Network Beijing, April 28 (Reporter Wang Peiwei Bei) statistics released by the State Administration of Foreign Exchange on the 28th March 2012, the Bank of China Valet settlement of $ 132.7 billion $ 124.8 billion, Sale, exchange settlement surplus of 7.8 billion U.S. dollars.
This figure more than $ 4.4 billion in February, banks on foreign exchange settlement favorable balance increased significantly, but still less than half of the $ 19.4 billion favorable balance in January.
The banking exchange is handled by the designated foreign exchange banks for customers and its own foreign exchange settlement and sale businesses, not including the interbank foreign exchange market trading data. Banks on foreign exchange settlement is a designated foreign exchange banks to customers for exchange settlement and part of the banking exchange. Of the difference through the banking exchange banks in the interbank foreign exchange market trading flat, is a major source of causing the change of China's foreign exchange reserves, but its not equal to the same period foreign exchange reserves increase or decrease the amount.
The statistics show that in March 2012, the Banks to forward foreign exchange contract to $ 21.2 billion, the forward sale of foreign exchange contract to $ 17.9 billion, long-term net settlement of $ 3.3 billion. January to March, the banks on accumulated settlement of $ 370.2 billion, the cumulative sale of foreign exchange of $ 338.6 billion, banks on accumulated foreign exchange purchase and sale of a surplus of $ 31.6 billion. In the same period, the banks on the cumulative forward foreign exchange contract to $ 48.8 billion, cumulative long-term sale of foreign exchange contract to $ 36.3 billion, the banks on the cumulative long-term net foreign exchange of $ 12.5 billion.
In March 2012, domestic banks on foreign income of $ 214.1 billion, $ 199.2 billion of the external payments and banks on foreign income payment Shun received $ 14.9 billion. January-March 2012, the banks on accumulated foreign income $ 590.6 billion, the cumulative external payments of $ 535.4 billion, the cumulative foreign banks on the payments received Shun received $ 55.1 billion.
Bank forward foreign exchange contract is the Bank in consultation with the customer to enter into forward foreign exchange (Sale) contract, agreed in the future apply for settlement (Sale), foreign exchange currency, amount, exchange rate and duration, but also affect the change of China's foreign exchange reserves factors.
Banks on the foreign income payment refers to the territory of non-bank residents of institutions and individuals (collectively referred to as non-banking sector) and payment by income between domestic banks and non-resident institutions and individuals, not including the cash receipt and payment and bank foreign income payments.
Xinhua 08 Network Beijing, April 28 (Reporter Wang Peiwei Bei) statistics released by the State Administration of Foreign Exchange on the 28th March 2012, the Bank of China Valet settlement of $ 132.7 billion $ 124.8 billion, Sale, exchange settlement surplus of 7.8 billion U.S. dollars.
This figure more than $ 4.4 billion in February, banks on foreign exchange settlement favorable balance increased significantly, but still less than half of the $ 19.4 billion favorable balance in January.
The banking exchange is handled by the designated foreign exchange banks for customers and its own foreign exchange settlement and sale businesses, not including the interbank foreign exchange market trading data. Banks on foreign exchange settlement is a designated foreign exchange banks to customers for exchange settlement and part of the banking exchange. Of the difference through the banking exchange banks in the interbank foreign exchange market trading flat, is a major source of causing the change of China's foreign exchange reserves, but its not equal to the same period foreign exchange reserves increase or decrease the amount.
The statistics show that in March 2012, the Banks to forward foreign exchange contract to $ 21.2 billion, the forward sale of foreign exchange contract to $ 17.9 billion, long-term net settlement of $ 3.3 billion. January to March, the banks on accumulated settlement of $ 370.2 billion, the cumulative sale of foreign exchange of $ 338.6 billion, banks on accumulated foreign exchange purchase and sale of a surplus of $ 31.6 billion. In the same period, the banks on the cumulative forward foreign exchange contract to $ 48.8 billion, cumulative long-term sale of foreign exchange contract to $ 36.3 billion, the banks on the cumulative long-term net foreign exchange of $ 12.5 billion.
In March 2012, domestic banks on foreign income of $ 214.1 billion, $ 199.2 billion of the external payments and banks on foreign income payment Shun received $ 14.9 billion. January-March 2012, the banks on accumulated foreign income $ 590.6 billion, the cumulative external payments of $ 535.4 billion, the cumulative foreign banks on the payments received Shun received $ 55.1 billion.
Bank forward foreign exchange contract is the Bank in consultation with the customer to enter into forward foreign exchange (Sale) contract, agreed in the future apply for settlement (Sale), foreign exchange currency, amount, exchange rate and duration, but also affect the change of China's foreign exchange reserves factors.
Banks on the foreign income payment refers to the territory of non-bank residents of institutions and individuals (collectively referred to as non-banking sector) and payment by income between domestic banks and non-resident institutions and individuals, not including the cash receipt and payment and bank foreign income payments.
Lee thunder: from the view of investment Logic -- lose one's temper
Lee Thunder (Hai Tong Securities vice president and chief economist)
Today's investors are increasingly concerned about the macroeconomic data, whenever the data were made public, it will lead to explosive interpretation of, or happy or sad. In this regard reflects the rationality of the investors in improving the investment philosophy of the mature markets in close proximity, but on the other hand, it also brings a number of questions: data reflect past investment to buy the future. Such as the April 13 announced first quarter GDP data, and investors should be thinking about the second quarter and full year or future economic trends. This is like the relationship between lightning and thunder, the propagation velocity of light is faster than sound, so we are always first see lightning, and only hear the thunder, the occurrence of the data such as lightning, and the publication of the data is considered a thunder. There are a lot of people hear the thunder scared to death, fear of being Ray hack, but in fact, when you can hear thunder, in fact, have proven that you are safe. Threat to human life, has been hit by lightning, thunder is already past.
Believe that the knowledge of the lightning, we know everything but understand normalized understand, Scared or not, perhaps because the sound and light compared to the former is more shocking people. Dual function for both physiological responses and rational thinking, it is still difficult to overcome a lot of irrational panic. Similarly, the investment behavior of seemingly rational, but the emotional impact is very obvious, for example, the valuation is low, the growth of good varieties should be ready to buy, but the timing of investors purchased often depends on two factors, prices rise, the second is when someone recommended. In addition, the herd mentality led to a typical performance of investment in non-rational, the so-called herd behavior led many investors often chase sell, countless losses. Therefore, the investment behavior is actually between the rational and emotional tangle, greed and fear go hand in hand. Such as able to overcome the emotional distress should be able to improve investment performance.
But no matter lightning or thunder, which did not constitute the best basis for investment decisions, because the investment focus on the future, while the thunder on behalf of the past, lightning but that now. To this end, the main basis for research and anticipation to the future in order to become investment decisions. This requires a test of investors' analysis tools, data acquisition channels and analytical skills, is Buffett so successful, and most investors are running to lose market reasons. Some would say that to predict the future, also need access to the data of the past. Remark, which we need to further deepen the study of the causes of past data, authenticity and context.
Macro data, for example, the central bank announced the monetary data relative to other data accuracy is higher, and economic aggregate data reported by the subordinate layers relative error will be larger, such as per capita disposable income, total investment in fixed assets larger errors. Therefore, investors respond to the data are generated on the basis of reliability and up the chain need to understand the relationship, etc., that is, not only to filter the noise (thunder) interference on investment, but also to analyze the causes of and influence of the event (lightning), and the future direction.
In the main factors influencing the market trends, not only changes in the economic data, as well as countermeasures to cope with fluctuations in the economy, that is policy. From the historical trend of China's stock market and economic trends are not large, but the larger policy changes related, such as the end of 2008 to mid-09 GDP growth all the way down, but the Shanghai Composite Index rose nearly doubled, rising main driving force is the Government has proposed a two-year 4 trillion investment plan, so the economic downturn means that the policy will be good, and vice versa. Two and a half in the second half of 2009 to 11 years, the economic growth rate of its advance, the stock market has become one of the worst of global stock market performance. Visible, based on economic data to grasp the investment opportunities in China is basically a failure of the majority.
A higher level of China's economic growth this year is a foregone conclusion, even in the second quarter will bottom out, it is difficult to have high growth opportunities, economic growth next year or lower than this year. So, even if you are able to predict the quasi-economic data, the logic of the stock market a sharp rise in economic growth does not seem to set up; again and investment-led stimulus is unlikely, so the policy logic seems not valid. This is known as history will not repeat. However, if the transition from the economic reform and innovation, sustainable growth perspective, the risk of high economic growth led to the bubble seems to be resolved in the past, market performance is not and should not lag behind the United States and other developed countries. Therefore, the market opportunities tend to come from beyond the consensus expectations of part from the logic in the unusual addition to the analysis routines.
Today's investors are increasingly concerned about the macroeconomic data, whenever the data were made public, it will lead to explosive interpretation of, or happy or sad. In this regard reflects the rationality of the investors in improving the investment philosophy of the mature markets in close proximity, but on the other hand, it also brings a number of questions: data reflect past investment to buy the future. Such as the April 13 announced first quarter GDP data, and investors should be thinking about the second quarter and full year or future economic trends. This is like the relationship between lightning and thunder, the propagation velocity of light is faster than sound, so we are always first see lightning, and only hear the thunder, the occurrence of the data such as lightning, and the publication of the data is considered a thunder. There are a lot of people hear the thunder scared to death, fear of being Ray hack, but in fact, when you can hear thunder, in fact, have proven that you are safe. Threat to human life, has been hit by lightning, thunder is already past.
Believe that the knowledge of the lightning, we know everything but understand normalized understand, Scared or not, perhaps because the sound and light compared to the former is more shocking people. Dual function for both physiological responses and rational thinking, it is still difficult to overcome a lot of irrational panic. Similarly, the investment behavior of seemingly rational, but the emotional impact is very obvious, for example, the valuation is low, the growth of good varieties should be ready to buy, but the timing of investors purchased often depends on two factors, prices rise, the second is when someone recommended. In addition, the herd mentality led to a typical performance of investment in non-rational, the so-called herd behavior led many investors often chase sell, countless losses. Therefore, the investment behavior is actually between the rational and emotional tangle, greed and fear go hand in hand. Such as able to overcome the emotional distress should be able to improve investment performance.
But no matter lightning or thunder, which did not constitute the best basis for investment decisions, because the investment focus on the future, while the thunder on behalf of the past, lightning but that now. To this end, the main basis for research and anticipation to the future in order to become investment decisions. This requires a test of investors' analysis tools, data acquisition channels and analytical skills, is Buffett so successful, and most investors are running to lose market reasons. Some would say that to predict the future, also need access to the data of the past. Remark, which we need to further deepen the study of the causes of past data, authenticity and context.
Macro data, for example, the central bank announced the monetary data relative to other data accuracy is higher, and economic aggregate data reported by the subordinate layers relative error will be larger, such as per capita disposable income, total investment in fixed assets larger errors. Therefore, investors respond to the data are generated on the basis of reliability and up the chain need to understand the relationship, etc., that is, not only to filter the noise (thunder) interference on investment, but also to analyze the causes of and influence of the event (lightning), and the future direction.
In the main factors influencing the market trends, not only changes in the economic data, as well as countermeasures to cope with fluctuations in the economy, that is policy. From the historical trend of China's stock market and economic trends are not large, but the larger policy changes related, such as the end of 2008 to mid-09 GDP growth all the way down, but the Shanghai Composite Index rose nearly doubled, rising main driving force is the Government has proposed a two-year 4 trillion investment plan, so the economic downturn means that the policy will be good, and vice versa. Two and a half in the second half of 2009 to 11 years, the economic growth rate of its advance, the stock market has become one of the worst of global stock market performance. Visible, based on economic data to grasp the investment opportunities in China is basically a failure of the majority.
A higher level of China's economic growth this year is a foregone conclusion, even in the second quarter will bottom out, it is difficult to have high growth opportunities, economic growth next year or lower than this year. So, even if you are able to predict the quasi-economic data, the logic of the stock market a sharp rise in economic growth does not seem to set up; again and investment-led stimulus is unlikely, so the policy logic seems not valid. This is known as history will not repeat. However, if the transition from the economic reform and innovation, sustainable growth perspective, the risk of high economic growth led to the bubble seems to be resolved in the past, market performance is not and should not lag behind the United States and other developed countries. Therefore, the market opportunities tend to come from beyond the consensus expectations of part from the logic in the unusual addition to the analysis routines.
Chen thinks: the European debt crisis far from over
These days, Spain became the eye of the storm of the debt crisis in Europe, its 10-year government bond yields, the first time this year exceeded six percent of the market, bond yields rose to 6 percent, is psychological to shut an important benchmark, breaking the benchmark yield rose to exceed 7%, and will repeat several times in Greece, Portugal and Ireland, efforts in the market to raise cash negative, which was forced to seek financial assistance in the past.
The market expects the Spanish bond yields are likely to rise further, to trigger the panic level of 7 percent, investors worried about the cost of debt will rise to unsustainable heights, unless the European Central Bank to restore to stop buying for two months Spanish bonds. Because every purchase of $ 10 million of Spanish bonds, the cost of insuring its debt against default, has hit as high as the record of $ 520,000, more than doubled in the year before!
Spanish Prime Minister Rajoy warned that the pain to cut $ 10 billion expenditure is absolutely necessary, "We have no money, because the past year we spend too many!"
Rajoy and the United States, Canada, proposed to cut spending, Spain has entered the "throttling" the pace. As for how to "open source", Spain would throw gold reserves to raise cash?
Russia, Turkey and Tajikistan and other countries, in February the collective holdings of gold reserves (Russia over the past five years has been one of the largest gold buyers in global central bank) makes the price of gold compared to the high in February, down more than 8% . In addition, the Central Bank of Mexico and the Czech Republic, in February were also sold 30 million ounces and 20 million ounces of gold reserves. I pointed out that, from a commodity perspective, the reasonable price of gold should be $ 1,200 per ounce. Of course there are many different voices, is one of Canada's largest gold fund manager Charles Oliver.
Back four years ago, April 16, 2008, the day the price of gold is $ 920 an ounce, he made a bold prediction: within four years gold will climb to $ 2,000 an ounce. He also bet that if his prediction is wrong, will be shaved bald in public.
Results can be imagined, of course, a few days ago, long hair Oliver in Canada only a full financial TV channel BNN interview, he admitted that he was too confident, but he is like not throwing in the towel, "he said, September last year, gold prices have jumped more than an ounce, $ 1920 has been very close to $ 2,000. It was only the debt crisis in Europe is moderate, the gold price was declining.
He also said that if the the QE3 launch of gold remained still rising. Obviously, many people hold similar views, are still thought that the gold be able to resist inflationary monetary easing.
No matter how he said, speed connection, specifically a few months ago began to grown a hair, in the end of the program, laughing with shaven heads.
In fact, even now the price of gold dropped to $ 1 500 an ounce, well above the top of the physical gold supply and demand fundamentals, higher than gold reasonable price at least $ 300. In addition, on Bernanke recently a number of speeches, none mention when to launch QE3, and sometimes not even mentioning the QE3, so that the large speculators and funds to sell gold again.
In the price of gold fell, India is often the largest gold buyers. However, I have referred to "With India to improve the gold import tariffs, almost only the Chinese buying gold". This is the data as evidence. In February of this year, mainland China through Hong Kong's gold imports, nearly 13 times the same period last year.
One can not help but make me think of Bernstein mentioned in the book "Golden A Brief History of the 16th century, Spain's golden mountains, the Spaniards confidence in wealth before the expansion, big spending, stifled the enthusiasm for production, making the kingdom full of gold and silver, hand, debt piling up, turns out to be so poor that only gold results indebtedness emerging financial crisis. This shows that gold can not rescue the crisis. At present, the Spanish seem to have to be repeating itself this period of history.
Spain a lesson China should learn a lesson!
Go back to the topic of Europe's debt crisis. The total debt of Spain four times in Greece, the ECB seems reluctant to buy its bonds. To analyze because it stood in the position of the European Central Bank, the greater the sovereign debt holders of the bonds, the private sector more aware of the likelihood of default.
Incidentally, the recent rift of the two oldest in the euro area, Germany and France seems to be getting larger.
In short, the disband of the euro area, the disappearance of the euro, it seems from a premonition a few years ago to produce more and more close to ...
The market expects the Spanish bond yields are likely to rise further, to trigger the panic level of 7 percent, investors worried about the cost of debt will rise to unsustainable heights, unless the European Central Bank to restore to stop buying for two months Spanish bonds. Because every purchase of $ 10 million of Spanish bonds, the cost of insuring its debt against default, has hit as high as the record of $ 520,000, more than doubled in the year before!
Spanish Prime Minister Rajoy warned that the pain to cut $ 10 billion expenditure is absolutely necessary, "We have no money, because the past year we spend too many!"
Rajoy and the United States, Canada, proposed to cut spending, Spain has entered the "throttling" the pace. As for how to "open source", Spain would throw gold reserves to raise cash?
Russia, Turkey and Tajikistan and other countries, in February the collective holdings of gold reserves (Russia over the past five years has been one of the largest gold buyers in global central bank) makes the price of gold compared to the high in February, down more than 8% . In addition, the Central Bank of Mexico and the Czech Republic, in February were also sold 30 million ounces and 20 million ounces of gold reserves. I pointed out that, from a commodity perspective, the reasonable price of gold should be $ 1,200 per ounce. Of course there are many different voices, is one of Canada's largest gold fund manager Charles Oliver.
Back four years ago, April 16, 2008, the day the price of gold is $ 920 an ounce, he made a bold prediction: within four years gold will climb to $ 2,000 an ounce. He also bet that if his prediction is wrong, will be shaved bald in public.
Results can be imagined, of course, a few days ago, long hair Oliver in Canada only a full financial TV channel BNN interview, he admitted that he was too confident, but he is like not throwing in the towel, "he said, September last year, gold prices have jumped more than an ounce, $ 1920 has been very close to $ 2,000. It was only the debt crisis in Europe is moderate, the gold price was declining.
He also said that if the the QE3 launch of gold remained still rising. Obviously, many people hold similar views, are still thought that the gold be able to resist inflationary monetary easing.
No matter how he said, speed connection, specifically a few months ago began to grown a hair, in the end of the program, laughing with shaven heads.
In fact, even now the price of gold dropped to $ 1 500 an ounce, well above the top of the physical gold supply and demand fundamentals, higher than gold reasonable price at least $ 300. In addition, on Bernanke recently a number of speeches, none mention when to launch QE3, and sometimes not even mentioning the QE3, so that the large speculators and funds to sell gold again.
In the price of gold fell, India is often the largest gold buyers. However, I have referred to "With India to improve the gold import tariffs, almost only the Chinese buying gold". This is the data as evidence. In February of this year, mainland China through Hong Kong's gold imports, nearly 13 times the same period last year.
One can not help but make me think of Bernstein mentioned in the book "Golden A Brief History of the 16th century, Spain's golden mountains, the Spaniards confidence in wealth before the expansion, big spending, stifled the enthusiasm for production, making the kingdom full of gold and silver, hand, debt piling up, turns out to be so poor that only gold results indebtedness emerging financial crisis. This shows that gold can not rescue the crisis. At present, the Spanish seem to have to be repeating itself this period of history.
Spain a lesson China should learn a lesson!
Go back to the topic of Europe's debt crisis. The total debt of Spain four times in Greece, the ECB seems reluctant to buy its bonds. To analyze because it stood in the position of the European Central Bank, the greater the sovereign debt holders of the bonds, the private sector more aware of the likelihood of default.
Incidentally, the recent rift of the two oldest in the euro area, Germany and France seems to be getting larger.
In short, the disband of the euro area, the disappearance of the euro, it seems from a premonition a few years ago to produce more and more close to ...
2012年4月27日星期五
Five ministries jointly issued a document required around the cogent safeguard enterprise data real report independently
To further promote corporate statistics departments across the country are carried out "a table" network directly report to ensure the quality of statistical data, the National Bureau of Statistics, the Ministry of Housing and Urban-Rural Development Ministry of Development and Reform Commission, Industry and Information Technology, Ministry of Commerce recently jointly issued a notice requiring the statistics departments at all levels, development and reform department, the department in charge of Industry and Information Technology, Construction Committee (Committee established diplomatic relations) and business department in charge fully aware of the importance of networking directly report to carry out, purify the environment of direct reporting to strengthen the organizational leadership, effectively the protection of enterprises with independent real reporting statistical data. Notification to the following requirements:
One is fully aware of the importance of networking directly report to effectively enhance the sense of responsibility to do networking straight newspaper work. To carry out the enterprise, "a table" network direct report, the industrial enterprises above the scale of the country more than 70 million qualified within construction enterprises above designated size of wholesale retail and accommodation and catering industry enterprises and real estate development enterprises to the national data through the Internet directly submit the data center or certified by the state provincial data center node, is a major change of the mode of production of China's statistics, it helps to standardize statistical activities, reduce the burden on enterprises, from the source to protect the national statistics is true and accurate, complete and timely. Statistics departments at all levels, the department in charge of development and reform department, Industry and Information Technology, Construction Commission (diplomatic relations committee) and business departments to fully understand the network directly report the importance of close coordination and collaboration, fully perform their functions and strive to maintain networking directly report order to ensure the smooth implementation of enterprise "set table" network direct reporting reform.
Resolutely implement the Statistics Law, and effectively protect the enterprise independent real reporting statistical data. Independent real reporting statistical data is a survey of the rights and statutory obligations. "Statistics Law" and "statistical violations of law provides that" any unit or individual is not able to interfere in any way enterprises to independently submit statistical information, and shall modify the enterprise statistics, may not require the enterprise to false concealed forgery or tampering with statistical data, shall not retaliate against the statisticians refused to resist the statistical violations or face legal sanctions. Statistics departments at all levels, the department in charge of development and reform department, Industry and Information Technology, Construction Commission (the establishment of diplomatic relations commissions) and the competent commerce departments should strictly enforce the statistical laws and regulations, and resolutely safeguard the legitimate rights and interests of enterprises and actively support the majority of independent real networking direct reporting national statistical information for investigation. To firmly hold the networking straight "four red lines" to adhere to data reporting is not the basic unit of directory of libraries may not insist on real statistical data submitted by the business independently, adhere to the network direct reporting of data reported by the enterprises themselves, adhere to modify the error by the enterprise or the original data the incomplete Butian statements.
The third is to strengthen supervision and inspection, and purification of the enterprise, "a table" network direct report work environment. In any form before the enterprise network reported the data sent to the relevant departments audited the practice of a serious breach of the statistical laws and regulations and "a table" networked system of direct reporting requirements for the intervention enterprise independent real reporting statistical data to stay hidden. Statistics departments at all levels in conjunction with the development and reform department, the department in charge of Industry and Information Technology, Construction Committee (Committee established diplomatic relations) and business department in charge of comprehensive clean-up in the region, the departments of the enterprises set the table "network directly report documents and regulations, which violations of statistical laws and regulations, suspected of interfering with enterprises with independent real reporting statistical data to be abolished immediately. The same time, the statistics department at all levels should strengthen the supervision and verification of the enterprise, "a table" direct reporting network, fill in the behalf of the newspaper for an offense on behalf of corporate real intervention Independent reported, and enterprises do not resist and even cater to individual localities and departments need to provide do not The real statistics, determined in accordance with statistical laws and regulations to be dealt with severely.
The fourth is to further strengthen the leadership of the statistical organization, lay a solid statistical basis for the work. In conjunction with the development and reform department, the department in charge of Industry and Information Technology, Construction Committee (Committee established diplomatic relations) and business department in charge, statistics departments at all levels, to further strengthen the organization and leadership in this region, the statistics of the sector and industry statistical work. To promote the region or sector enterprises in strict accordance with the law set the original statistical records and statistics ledger, the establishment of a sound statistical data audit, signed transfer, archive management system, equipped with the staff with statistical qualifications. Urge to seriously study the region or sector enterprises, strict implementation of the enterprise "a table" network direct reporting system requires, providing the enterprise, "a table" network direct reporting to the required technical equipment for the successful completion of the network direct report tasks to provide strong protection.
One is fully aware of the importance of networking directly report to effectively enhance the sense of responsibility to do networking straight newspaper work. To carry out the enterprise, "a table" network direct report, the industrial enterprises above the scale of the country more than 70 million qualified within construction enterprises above designated size of wholesale retail and accommodation and catering industry enterprises and real estate development enterprises to the national data through the Internet directly submit the data center or certified by the state provincial data center node, is a major change of the mode of production of China's statistics, it helps to standardize statistical activities, reduce the burden on enterprises, from the source to protect the national statistics is true and accurate, complete and timely. Statistics departments at all levels, the department in charge of development and reform department, Industry and Information Technology, Construction Commission (diplomatic relations committee) and business departments to fully understand the network directly report the importance of close coordination and collaboration, fully perform their functions and strive to maintain networking directly report order to ensure the smooth implementation of enterprise "set table" network direct reporting reform.
Resolutely implement the Statistics Law, and effectively protect the enterprise independent real reporting statistical data. Independent real reporting statistical data is a survey of the rights and statutory obligations. "Statistics Law" and "statistical violations of law provides that" any unit or individual is not able to interfere in any way enterprises to independently submit statistical information, and shall modify the enterprise statistics, may not require the enterprise to false concealed forgery or tampering with statistical data, shall not retaliate against the statisticians refused to resist the statistical violations or face legal sanctions. Statistics departments at all levels, the department in charge of development and reform department, Industry and Information Technology, Construction Commission (the establishment of diplomatic relations commissions) and the competent commerce departments should strictly enforce the statistical laws and regulations, and resolutely safeguard the legitimate rights and interests of enterprises and actively support the majority of independent real networking direct reporting national statistical information for investigation. To firmly hold the networking straight "four red lines" to adhere to data reporting is not the basic unit of directory of libraries may not insist on real statistical data submitted by the business independently, adhere to the network direct reporting of data reported by the enterprises themselves, adhere to modify the error by the enterprise or the original data the incomplete Butian statements.
The third is to strengthen supervision and inspection, and purification of the enterprise, "a table" network direct report work environment. In any form before the enterprise network reported the data sent to the relevant departments audited the practice of a serious breach of the statistical laws and regulations and "a table" networked system of direct reporting requirements for the intervention enterprise independent real reporting statistical data to stay hidden. Statistics departments at all levels in conjunction with the development and reform department, the department in charge of Industry and Information Technology, Construction Committee (Committee established diplomatic relations) and business department in charge of comprehensive clean-up in the region, the departments of the enterprises set the table "network directly report documents and regulations, which violations of statistical laws and regulations, suspected of interfering with enterprises with independent real reporting statistical data to be abolished immediately. The same time, the statistics department at all levels should strengthen the supervision and verification of the enterprise, "a table" direct reporting network, fill in the behalf of the newspaper for an offense on behalf of corporate real intervention Independent reported, and enterprises do not resist and even cater to individual localities and departments need to provide do not The real statistics, determined in accordance with statistical laws and regulations to be dealt with severely.
The fourth is to further strengthen the leadership of the statistical organization, lay a solid statistical basis for the work. In conjunction with the development and reform department, the department in charge of Industry and Information Technology, Construction Committee (Committee established diplomatic relations) and business department in charge, statistics departments at all levels, to further strengthen the organization and leadership in this region, the statistics of the sector and industry statistical work. To promote the region or sector enterprises in strict accordance with the law set the original statistical records and statistics ledger, the establishment of a sound statistical data audit, signed transfer, archive management system, equipped with the staff with statistical qualifications. Urge to seriously study the region or sector enterprises, strict implementation of the enterprise "a table" network direct reporting system requires, providing the enterprise, "a table" network direct reporting to the required technical equipment for the successful completion of the network direct report tasks to provide strong protection.
Safe: a quarter of current-account surplus of $24700000000
The data released Thursday by the State Administration of the first quarter of China's current account surplus of $ 24.7 billion in the fourth quarter current account surplus of $ 60.5 billion.
SAFE, said the first quarter of the capital and financial account surplus of $ 49.9 billion in the fourth quarter was a deficit of $ 29 billion.
SAFE, said the first quarter of the capital and financial account surplus of $ 49.9 billion in the fourth quarter was a deficit of $ 29 billion.
163futures companies earn only 4home exchange drop charges or by the industry reshuffle
April 25, Jinling Evening News reported, the Assistant to the President of Tongji University, Shanghai Futures Research Institute Liu Chunyan said 163 futures companies charge transaction costs no match for the four exchanges, futures trading fee distribution system there are serious problems.four Exchange to reduce the fee, then the futures industry may usher in a major reshuffle.
Yesterday, market rumors that the four Hong Kong Futures Exchange will substantially reduce the fee adjustment or up to 30%. Seems strong reaction from the futures company, yesterday, a number of Futures staff is "very excited" when talking about this topic, the troubled development of the futures industry for many years the "transaction costs" problem seems to usher in a turning point.
HKFE four to substantially reduce the futures trading fee, the market has been speculation that regulators yesterday introduced a series of measures to increase efforts to support the futures company, the relevant provisions of the outside agency business to develop and license issuance may speed, futures companies, M & A The reorganization will also be supported.
Liu Chunyan said that the regulatory authorities to integrate the obvious intent of the futures industry, currently on the market 163 futures companies too much, the relevant departments to rectify reduced to four 50 is an ideal state. "Liu Chunyan said.
SW futures, who explained that if the futures company mergers and acquisitions is supported, then undoubtedly the most advantageous for the brokerage, banking, shares, futures companies, to launch this year's crude oil, bonds and stock index options futures, futures market needs better policies to support If these rumors are true, the entire industry this year will usher in a major reshuffle.
Yesterday, market rumors that the four Hong Kong Futures Exchange will substantially reduce the fee adjustment or up to 30%. Seems strong reaction from the futures company, yesterday, a number of Futures staff is "very excited" when talking about this topic, the troubled development of the futures industry for many years the "transaction costs" problem seems to usher in a turning point.
HKFE four to substantially reduce the futures trading fee, the market has been speculation that regulators yesterday introduced a series of measures to increase efforts to support the futures company, the relevant provisions of the outside agency business to develop and license issuance may speed, futures companies, M & A The reorganization will also be supported.
Liu Chunyan said that the regulatory authorities to integrate the obvious intent of the futures industry, currently on the market 163 futures companies too much, the relevant departments to rectify reduced to four 50 is an ideal state. "Liu Chunyan said.
SW futures, who explained that if the futures company mergers and acquisitions is supported, then undoubtedly the most advantageous for the brokerage, banking, shares, futures companies, to launch this year's crude oil, bonds and stock index options futures, futures market needs better policies to support If these rumors are true, the entire industry this year will usher in a major reshuffle.
2012年4月26日星期四
The Fed statement caused alarm gold prices rebounded bottom
Spot gold was flat on Wednesday (April 25), choppy days $ 15 plunge after the Federal Reserve (FED) published a policy statement, and then quickly regain these declines.
The analysts said the Fed statement that was originally hoping the Fed will take a larger scale QE investors disappointed, the gold jump knee reactive selling, dragging down the price of gold fell, but Fed Chairman Ben Bernanke said the Fed ready to take additional measures when necessary, the price of gold to regain these declines.
Fed Chairman Ben Bernanke said, if necessary, still prepared to take the action of further balance sheet, the price of gold is staying roughly balanced level.
Arbitrage LLC COMEX gold right floor trader Mihir Dange said: "Now the interest on the gold market is very low, we see many market participants on the sidelines. Once the gold price up or down to break through the current trading range for gold interest will be enhanced. "
Spot gold rose to 0.12 percent, to 1,643.60 dollars / ounce, the highest intraday touched $ 1,646.53 / oz, the lowest test a low $ 1,624.37 / oz. Spot silver was down 0.6 percent, to $ 30.59 / oz; Spot platinum rose 0.5 percent, to 1,547.60 U.S. dollars / ounce; Spot palladium fell 0.8 percent, to $ 657.93 / oz.
The analysts said the Fed statement that was originally hoping the Fed will take a larger scale QE investors disappointed, the gold jump knee reactive selling, dragging down the price of gold fell, but Fed Chairman Ben Bernanke said the Fed ready to take additional measures when necessary, the price of gold to regain these declines.
Fed Chairman Ben Bernanke said, if necessary, still prepared to take the action of further balance sheet, the price of gold is staying roughly balanced level.
Arbitrage LLC COMEX gold right floor trader Mihir Dange said: "Now the interest on the gold market is very low, we see many market participants on the sidelines. Once the gold price up or down to break through the current trading range for gold interest will be enhanced. "
Spot gold rose to 0.12 percent, to 1,643.60 dollars / ounce, the highest intraday touched $ 1,646.53 / oz, the lowest test a low $ 1,624.37 / oz. Spot silver was down 0.6 percent, to $ 30.59 / oz; Spot platinum rose 0.5 percent, to 1,547.60 U.S. dollars / ounce; Spot palladium fell 0.8 percent, to $ 657.93 / oz.
Energy Bureau: encourage private capital to enter the field of energy rules is expected to be introduced in June
The energy industry because of its particularity, private investment rarely enter. However, this situation is expected to break Ben Wang learned from the National Energy Board National Energy Board has started the preparation of the field of energy to encourage and guide the development of private investment in the implementation details ", and is expected by the end of June issued.
According to Ben Wang understanding of the Energy Bureau of the main selection of a variety of industries such as oil, gas, power grid, thermal power and nuclear power, and the preparation of the leading group set up by the Director of the Division, by the person responsible for the preparation of the field of classification.
Progress for the oil sector, mainly by convening the meeting of the refining provincial Development and Reform Commission or the Bureau of Energy, as well as major domestic oil refining companies, and seminars to encourage and guide private oil refining enterprises to standardize their development work.
Power sector, the establishment of thermal power, nuclear power, the power grid industry working group, and held three working meetings. Coal, convened representatives of the coal enterprises had an informal discussion, the question is mainly related to private investment and private enterprises to participate in the development of coal and coal bed methane.
Natural gas, it is set up two working groups were carried out to encourage and guide private investment into the natural gas pipeline network and gas distribution in the preparation of the gas infrastructure construction and operation of the Management Regulations and on the development of natural gas distributed energy guidance "on the basis of energy field, has completed the pre-convergence and research work.
In addition, the Bureau of Energy is also water and electricity, new energy, rural energy in three areas of private capital into the "relevant considerations, private investment in the development of survey has been completed, and the formation of a research report outline.
Next, the National Energy Board will file combing focus to find do not meet the State Council to encourage private investment in the development of mental content, and went to the place to carry out special investigations to hear from private enterprises, state-owned enterprises, industry associations and other parties to encourage private investment in the development of voice. "relevant person in charge of the Bureau of Energy said, in April this year, the energy Board to carry out the implementation details of drafting the formation of the Exposure Draft in May to seek government departments, local governments, industry associations, enterprises, Suggestion, revise and improve, and strive to be issued before the end of June. "
According to Ben Wang understanding of the Energy Bureau of the main selection of a variety of industries such as oil, gas, power grid, thermal power and nuclear power, and the preparation of the leading group set up by the Director of the Division, by the person responsible for the preparation of the field of classification.
Progress for the oil sector, mainly by convening the meeting of the refining provincial Development and Reform Commission or the Bureau of Energy, as well as major domestic oil refining companies, and seminars to encourage and guide private oil refining enterprises to standardize their development work.
Power sector, the establishment of thermal power, nuclear power, the power grid industry working group, and held three working meetings. Coal, convened representatives of the coal enterprises had an informal discussion, the question is mainly related to private investment and private enterprises to participate in the development of coal and coal bed methane.
Natural gas, it is set up two working groups were carried out to encourage and guide private investment into the natural gas pipeline network and gas distribution in the preparation of the gas infrastructure construction and operation of the Management Regulations and on the development of natural gas distributed energy guidance "on the basis of energy field, has completed the pre-convergence and research work.
In addition, the Bureau of Energy is also water and electricity, new energy, rural energy in three areas of private capital into the "relevant considerations, private investment in the development of survey has been completed, and the formation of a research report outline.
Next, the National Energy Board will file combing focus to find do not meet the State Council to encourage private investment in the development of mental content, and went to the place to carry out special investigations to hear from private enterprises, state-owned enterprises, industry associations and other parties to encourage private investment in the development of voice. "relevant person in charge of the Bureau of Energy said, in April this year, the energy Board to carry out the implementation details of drafting the formation of the Exposure Draft in May to seek government departments, local governments, industry associations, enterprises, Suggestion, revise and improve, and strive to be issued before the end of June. "
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